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House prices in second quarter of 2023 down 0.5% from one year ago

This marks the first time since mid-2020 that prices have fallen in year-on-year terms.

HOUSING PRICES IN the second quarter of 2023 were 0.5% lower than a year ago, according to the latest House Price Report released today.

This marks the first time since mid-2020 that asking prices have fallen in year-on-year terms.

The average listed price nationwide in the second quarter of 2023 was €309,648, up 2.4% on the average for the first quarter but slightly lower than this time last year and one-sixth below the Celtic Tiger peak.

The number of homes available to buy on 1 June stood at just over 13,000, up 5% on the same date last year but well below the 2019 average of 24,200.

In all parts of the country, the rate at which availability has increased has slowed in recent months.

Between March and June, prices in Dublin were on average 0.6% lower than a year previously while in Waterford city they were 0.5% lower.

Cork and Galway cities saw larger falls in year-on-year terms, of 3.3% and 2.1% respectively.

In Limerick city, however, prices bucked the trend and are 1.1% higher than a year ago – and just 2.4% below the late 2007 peak.

Outside the cities, prices in Leinster were unchanged compared to a year ago and up 0.6% in Connacht-Ulster, while in Munster they were down 1%. House Price Report Q2 2023 Infographic

Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said:

“The change in market conditions over the last 12 months is clear from the figures in this latest report.”

“A year ago, double-digit inflation in housing prices was still prevalent across much of the country. Now, very few markets are seeing prices more than a percentage point or two higher than a year ago – and those increases largely reflect increases seen March-June last year.”

“But while demand has weakened, the post-Covid recovery in supply also appears to be weakening, in both new and second-hand segments. Thus, while this year is unlikely to bring any substantial increases in housing prices, underlying issues stemming from housing shortages will persist.” 

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